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Walgreens financial chief to exit the company

Submitted by The City Wire Staff on Tue, 08/05/2014 - 1:13pm

Drugstore giant Walgreens announced a change in top management as Wade Miquelon, chief financial officer will exit the company.

He is the second top executive to abandon ship ahead of the retailer’s completion of the Alliance Boots acquisition. Kermit Crawford, Walgreens president of pharmacy, health and wellness, announced last month that he would retire after spending 31 years with the company.

Miquelon, will be replaced by Kraft Foods Group executive Timothy McLevish, who held a similar role at Kraft.

Walgreens said that Miquelon, who joined the retailer in June 2008 from Tyson Foods, played a key role in the Alliance Boots deal. Miquelon will continue to serve as advisor to Walgreens through the completion of the Alliance Boots deal.

"Now that we are preparing to move forward with bringing together these two iconic brands, it's the right time for me to transition to new challenges and new opportunities," Miquelon noted.

Walgreens was expected to announce the completion of its $16 billion acquisition of a 45% stake in Alliance Boots, a European drugstore chain headquartered in Switzerland, but Tuesday (Aug. 5) news began circulating that Walgreens has offered another $8.5 billion for a 100% of Alliance Boots.

The Deerfield, Ill.,-based Walgreens has been publicly weighing the options of relocating its headquarters to Switzerland with a tax inversion could save a projected $4 billion in taxes over the next five years. The company reportedly is now leaning toward keeping its U.S. base, according to a report from CNBC early Tuesday afternoon (Aug. 5).

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Shareholder groups want the drugstore change to make the move, but Walgreens has faced recent protests from activists and Democratic lawmakers urging the retailer to remain in the U.S. Shares of Walgreens dipped on the updated news trading down 6.67% at $67.43 in Tuesday's afternoon session.